ASX set to slump as Wall Street falls on rate worries; Tesla tumbles

The S&P 500 was 0.9 per cent lower in afternoon trading and on track for a second drop after setting an all-time high to close last week. The Dow Jones also pulled further from its record and was down 1.2 per cent. The Nasdaq composite was 1.2 per cent lower.The Australian sharemarket is set to fall, with futures at 4.53am AEDT pointing to a slide of 53 points, or 0.7 per cent, at the open.

Traders have already drastically reduced their expectations for how many times the Federal Reserve will cut interest rates this year, halving them from a forecast of six at the start of the year. That would be in line with the three cuts that Fed officials themselves have hinted at.After briefly shading some bets toward just two rate cuts this year, traders are still largely expecting three cuts in 2024, according to data from CME Group.

The two-year yield, which moves more closely with expectations for Fed action, slipped to 4.69 per cent from 4.71 per cent late Monday. Among the few gainers on Wall Street were stocks of oil and gas producers. Exxon Mobil rose 1.4 per cent and Marathon Petroleum rose 1.9 per cent.

Source: News Formal (newsformal.com)

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